Togo: bonds

Togo is a member of the eight-country regional group, the Union Economique et Monétaire Ouest-Africaine (UEMOA). The group’s currency system is managed by the Banque Centrale des Etats de l’Afrique de l’Ouest (BCEAO). The CFA franc currency (XOF) is currently pegged to the euro at a rate of XOF655.96 = EUR1 (effective 1 January 1999). Togo generally issues a limited number of short-term instruments, with nearly all 2013 activity based around 182- to 364-day T-bills. However, one 5-yr, XOF35 trn bond is planned to be issued in August, although bonds of this maturity are an unusual. Given the relatively small size of the economy, Togo accounts for only 8% (XOF160 trn) of total planned UEMOA issuance in 2013. • The yield curve has extended to 10-years. • Across UEMOA, T-bills are issued with following tenors through the BCEAO: 28-, 91-, 182-, 364- and 728-days. • Bonds are issued with 3-yrs and above tenor (mainly 5- and 7-yrs). Bonds are issued either on the regional stock exchange, the BRVM, or on the money market, via the BCEAO.

Outstanding bond issues

Сurrency Outstanding bond issues Cumulative volume
sovereign
XOF 17 585 727 000 000
corporate
XOF 3 74 161 500 000
USD 1 750 000 000

Sovereign rating

Rating AgencyRatingRating scaleDate
Organisation for Economic Co-operation and Development (OECD) *** Country Risk Classifications ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Togo, 6.9 31may2028 - Domestic bonds TG0000000850 6.9% 44 340 000 000  XOF 05/30/2017 05/31/2028
Togo, 6 21apr2020 - Domestic bonds TG0000000793 6% 7 466 000 000  XOF 04/20/2017 04/21/2020
Togo, 6 9feb2020 - Domestic bonds TG0000000777 6% 10 056 000 000  XOF 02/08/2017 02/09/2020
Togo, 6.5 15jul2023 - Domestic bonds TG0000000728 6.5% 66 000 000 000  XOF 07/14/2016 07/15/2023
BOAD, 5.5% 6may2021, USD - International bonds XS1350670839 5.5% 750 000 000  USD 04/28/2016 05/06/2021
Togo, 5.5 26apr2019 - Domestic bonds TG0000000702 5.5% 27 695 000 000  XOF 04/25/2016 04/26/2019
Togo, TB 28mar2018 - Domestic bonds TG0000000694 0% 38 500 000 000  XOF 03/30/2016 03/28/2018
Togo, 6.25 5feb2021 - Domestic bonds TG0000000660 6.25% 66 000 000 000  XOF 02/04/2016 02/05/2021
Togo, 6.25 20nov2020 - Domestic bonds 6.25% 30 000 000 000  XOF 11/19/2015 11/20/2020
Togo, 6.5 10jul2020 - Domestic bonds TG0000000561 6.5% 33 000 000 000  XOF 07/09/2015 07/10/2020

Macroeconomic Indicators (World economy)

Monthly indices

Type Apr 2017 Feb 2017 Jan 2017 Dec 2016
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Togo) -0.70 -0.40 -1.40 0.40
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Yearly indices

Type 2016 2015 2014
Government Debt to GDP (World), %
Government Debt to GDP(Togo) 33.60 25.60 21.20